As a result, they have provided detailed guidance on how this may still be possible to achieve.

It’s important to be aware that criminals and criminal organisations see opportunity through times like this, especially playing on the vulnerability of firms that may be struggling financially and may be willing to forgo their usual process when taking on new clients.

Stay vigilant, but also take the time to read over their guidance, specifically delayed verification provisions for new business relationships, as these may be applicable to you and your business.

Remember to stay focussed and committed to your AML/CFT programme, and to report any suspicious activities or transactions through the normal channels.

A link to the guidance document can be found here

If you have any questions about the guidance provided get in touch with our team. We’re here to help.